The NBA and gaming company Take-Two Interactive, which owns 2K and Rockstar Games, have formed a joint venture to create an esports league around the NBA 2K video game, The Wall Street Journal reports.

The competitive gaming league will launch in 2018 and be made up of teams operated by NBA franchises. No teams have committed yet, but all 30 have an expressed interest in participating, according to NBA Commissioner Adam Silver, and he expects about half of them to form a team for the inaugural season. Coverage is likely to involve both online and TV broadcasts.

This is a big step for esports, which is on track to reach $696.3 million in 2017 and $1.5 billion by 2020, according to gaming-centric research firm Newzoo. It's the first time a US professional sports league has created its own esports league and could pave the way for others to follow suit, giving esports an added sheen of legitimacy and potentially a broader audience.

There are unknown quantities around this venture that are natural given the nascency of esports. The NBA and Take-Two Interactive will need to shape deals with broadcasters, advertisers, and sponsors. Since the latter drive the lion's share of esports revenue, these broadcast audiences will have to be large enough so as to warrant investments from brands.